The Cyber Crime Police in Hyderabad have apprehended three individuals for allegedly defrauding a city resident of over ₹44 lakh in a sophisticated investment scam. The accused posed as trading advisors from a fictitious firm, luring the victim with promises of high returns.
The arrested individuals have been identified as Milind Manohar Narkar (34), a private employee from Santacruz, Mumbai; Ranak Jagadish Patel (31), a businessman from Bhiwandi, Thane; and Salik Imtiyaz Ahmed Siddiqui (25), a private employee from Mumbra, Thane. All three are believed to have been working in conjunction with a cyber fraudster operating out of Dubai.
According to Hyderabad police, the trio contacted the victim in June 2025, claiming to be professional trading advisors from a firm named ‘Aveshta Study Group-W’. They promised substantial profits from investment opportunities, convincing the victim to transfer funds into several bank accounts they controlled.
When the victim later attempted to withdraw the supposed “profits,” he was instructed to first pay a 20% “service charge.” Believing that both his profits and original investment would be returned after this payment, the victim complied. In total, he was cheated of ₹44,04,753.
During the investigation, it was revealed that Milind Narkar played a crucial role in assisting the Dubai-based kingpin by converting fraudulently acquired funds into cryptocurrency. He was also instrumental in sourcing and operating mule accounts, accommodating account holders in various hotels in Mumbai, and facilitating illicit gains across seven other Indian states.
The Hyderabad police seized three mobile phones from the accused. All three are believed to have been working on commission for the overseas fraudster, providing access to and managing local bank accounts used in the scam.
Following the case, the Hyderabad police issued a public advisory, urging citizens to be wary of suspicious investment schemes promising unusually high returns. Authorities noted that scammers often pose as representatives of well-known firms, use forged documents (including fake SEBI certifications), and advertise via platforms like Telegram, WhatsApp, Instagram, and Facebook, often sharing fake profit screenshots to gain trust.
Hyderabad police advise citizens to thoroughly verify investment schemes before parting with their money and to avoid hasty financial decisions based on promises of quick returns. Victims of cyber fraud are encouraged to immediately dial 1930 or visit https://cybercrime.gov.in for assistance.
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